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The highly anticipated ICO for the new BitTorrent crypto token, BTT, was completed today, but it has started a whole new discussion on what went wrong, and why so many investors who tried to place orders, weren't able to do so.
Binance organized the token sale through its new fundraising platform, Binance Launchpad. Investors could trade either Binance Coin or Tron for BTT, the new TRC-10 token that was created for the BitTorrent eco-system as part of BitTorrent's partnership with Tron.
Read more: What does the launch of BitTorrent's BTT mean for TRON?
Binance Launchpad completed the sale of the BitTorrent tokens in less than 20 minutes, and succeeded in raising around $7 million, which can be considered to be a massive success in the current crypto universe.
It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds. #BTT $BTT #BitTorrent #TRON https://t.co/C1dqxRkO2l
— Justin Sun (@justinsuntron) January 28, 2019
However, very quickly, it became painfully clear that many investors were left outside in the cold. Due to the so-called 'astronomical' demand, and technical issues with the Binance Launchpad system, many users were unable to access the platform, which apparently was suffering from an ongoing crash, and were therefor unsuccessful in obtaining any BitTorrent tokens.
I was in the TRON session, clicked 'Buy' within a second after launch and faced the same 'crashed' site. Literally no chance to make my purchase. The airdrop won't payout on the same scale as I was willing to buy in the launch. Alot of honest investors hung out to dry.
— Peter Dale (@pjd12) January 28, 2019
Read more: BitTorrent Token Sale accepts BNB and TRX; BTT price set
The outcry on Twitter came as no surprise.
Was very bad experience in BTT ICO.
— Sikandar Bakhit (@sikandarmks) January 28, 2019
Couldn't get any single BTT.
What important ,only few hundreds got to buy, and this is called public sale ... Centralised sale in the name of decentralisation. Rip #decentralization.
— Cryptomaniac (@MrCryptomaniac) January 28, 2019
Many of those who were hopeful to become BTT owners, but weren't, picked up on the fact that apparently only just over 900 people were able to actually obtain BTT, causing many to call out Justin Sun, the ICO and even Binance as a full on scam.
I suspect foul play. How is it possible it jumped to 28% sold 1 second after launching. The rich get richer.
— Steve (@SteveSymsPta) January 28, 2019
Most horrible experience i have ever had thru binance 😐 recaptcha error then within two minutes 28billion sold ? Then a bnb and trx dump.
— FaouziElkadiri (@ElkadiriFaouzi) January 28, 2019
It's a shame only 600 people got to buy, that's less than 0.00001% of people who use BitTorrent and I bet none of them use BitTorrent at all. For this to be worthwhile and meaningful it needs to be available to a proportionate amount of people which accurately reflects real usage
— XXIII (@KhanXXIII) January 28, 2019
Binance is a SCAM!
— samsaraa (@samsaraa_) January 28, 2019
One Twitter user came up with a new catchy name, saying that Binance 'CRASHPAD' totally messed up.
I’m sorry guys, @binance managed to completely mess up with their luachpad #crashpad The ICO allowed 622 entities buy all the BTT, crashed continually, and refused Catpha 35+ times for me alone. Stop, fix and rerun. It is simply unfair!
— Des Limbrick (@DesLimbrick) January 28, 2019
The hundreds of negative comments on Twitter didn't go by unnoticed.
Sun reached out in a tweet to Binance CEO Changpeng Zhao, asking if it would be possible to organize a free BTT airdrop for those who tried to place orders, but were unsuccessful in doing so.
I would like to explore the possibility with @binance to giveaway free $BTT to everyone on launchpad fails to get #BTT today. #BitTorrent community wants you! Not 100% guarantee. Need to figure out detail. BUT RT if you agree! @cz_binance #TRON $BNB $TRX
— Justin Sun (@justinsuntron) January 28, 2019
Read more: BitTorrent (BTT) ICO raises $7 million in under 20 minutes
'CZ' quickly responded by saying that Tron had agreed to organize a small airdrop in order to make up for the bottleneck issues and the overload experience for some users, while apologizing to those who had a bad experience during the BitTorrent token sale.
Sorry about the bad experience. Will improve for the next one. Thank you for your support, as always!
— CZ Binance (@cz_binance) January 28, 2019
It remains to be seen if people will be satisfied with this 'generous peace offering' from Justin Sun and 'CZ'.
For now most are requesting a ICO RE-DO, pointing to the unfairness that took place today and to the fact that an airdrop won't make up for this poor performance by both Justin Sun and Binance.
A little small airdrop won’t cover this performance, it was shady and suspicious...
— davo ~.~ (@crazywind91) January 28, 2019
Great to hear, but this process is still unfair. Less than 1000 peoples get the whole ICO !
— CryptoN00b (@CryptN00b) January 28, 2019
We are tired of whales are price manipulations. Due to technical issues (ok it happens), THE ICO SHOULD BE RESET #tron
Do you think this was a scam? Let us know in the poll below.